Failure to renew the license will result in the lapse of the license on the day following the licensee’s compliance deadline. Producers may reinstate a license by paying a penalty fee to the South Carolina Department of Insurance. The amount of the penalty fee is based on the date the license is renewed. If renewed within 30 days, the penalty fee is $50; if renewed within 31-60 days the penalty fee is $100; if renewed 61 days and after the penalty fee is $250. If renewal is not completed within six months of the license being lapsed, the license and all appointments will be canceled. To regain licensure the producer will be required to reapply and meet all the requirements of a new applicant.